November 29, 2012 / 3:27 AM / 5 years ago

Indian stocks to watch-Nov 29

    * Nifty futures on the Singapore Exchange rises 0.16
percent. The MSCI-Asia Pacific index excluding Japan
 is up 0.61 percent.     
    * U.S. stocks rallied on Wednesday after comments from House
Speaker John Boehner, the top Republican in Congress, on a
possible compromise to avoid the "fiscal cliff" turned the
market around.  
    * Asian shares edged higher on Thursday, mirroring U.S. and
European stock rises overnight, as sentiment improved after a
senior U.S. lawmaker said he was "optimistic" on reaching a
budget deal before the end of the year to avoid a fiscal crisis.
    * A ministerial panel, which decides on rules around holding
airwaves, meets at 0930 GMT to discuss the next steps.
   * Telenor CEO Jon Frederik Baksaas presser in Delhi at 0530
   * India's parliament resumes for a fifth day after being
paralysed for the first four days of the ongoing winter session
and a public holiday on Wednesday. 
   * French food group Danone will hold a press conference to
talk about its subsidiary Nutricia. (0615 GMT)
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    * The finance ministry is considering a proposal to raise
excise duty and service tax by two per cent to 14 per cent each
in the Union Budget for 2013-14. The move is likely to help the
ministry collect about 300 billion rupees, said a financial
ministry official. (Business Standard)
    * The Reserve Bank has turned down banks' demand for
restructuring stressed real estate loans without providing for
potential losses, a move that could mount pressure on builders
to lower prices as banks push to recover loans, two bankers
familiar with the discussions said. (Economic Times)
    * The government and the Reserve Bank of India (RBI) are
considering relaxation in the stiff valuation norms governing
foreign direct investment in unlisted Indian firms, a move that
could potential boost private equity flows, said a government
official privy to the discussions. (Economic Times) 
    * Four Indian financial services firms agreed to pay nearly
$2 million to settle U.S. Securities and Exchange Commission
charges it provided brokerage services to U.S. institutional
investors without being registered, the regulator said on
Tuesday.  (Reuters) 
    * A company cannot use non-compete fee to lower its tax
outgo, according to a recent order by the Delhi High Court. The
court accepted the income-tax department's argument that
non-compete fees are in the nature of capital expenditure and,
therefore, not entitled to deduction. (Economic Times)
    * Norway's Telenor is in talks to merge its Indian
operations with Tata Teleservices to gain a bigger foothold in
the world's second-biggest mobile phone market, a source with
direct knowledge of the situation said on Tuesday. (Reuters)
    * The empowered group of ministers on telecom would meet
tomorrow to discuss the lukewarm response to the recently
concluded auction of 2G telecom spectrum. The EGoM, headed by
Finance Minister P Chidambaram, is likely to discuss the revised
reserve price of spectrum for the four circles of Delhi, Mumbai,
Karnataka and Rajasthan that didn't receive any bid in the
auction of the 1,800-MHz band in the second week of November.
(Business Standard)
   * India's patents appeal board has dismissed British
drugmaker AstraZeneca's petition challenging an earlier
ruling that refused patent protection for a cancer-fighting
drug, in the latest blow for Big Pharma in the country. 
   * Hong Kong brokerage CLSA is selling its stake in India's
Apollo Hospitals Enterprises Ltd for $135 million, a
source with direct knowledge of the matter said on Wednesday.
  * ICICI Venture, one of the largest private equity firms in
the country, is looking to sell its 49 per cent stake in Indian
Express Newspapers (Mumbai) Ltd (IENL), which manages Express
Towers, located at Mumbai's Nariman Point. ICICI Venture was
currently in talks with a number of investors like Blackstone,
two executives in the know of the plans said. (Business
 * The management of PVR, India's third largest
multiplex operator, has initiated active discussions with a
group of private equity investors and non-banking finance
companies (NBFCs) to finance its plan to buy the promoters of
Cinemax, another multiplex operator, for 5.50 billion rupees.
According to two independent sources, negotiations with Renuka
Ramnath's private equity venture Multiples is believed to have
reached an advanced stage. (Economic Times)
   * Maruti Suzuki has pleaded inability to pay over
12 billion rupees by way of enhanced land acquisition dues for
600 acres it acquired for the Manesar plant in 2002, and urged
the Supreme Court to hear it before taking a call on the
enhanced compensation amount for farmers. (Economic Times)
    * The French government has found an industrialist willing
to invest 400 million euros ($516.4 million) to renovate
ArcelorMittal's Florange steelworks in northeast
France, a minister said on Wednesday. (Reuters) 
    * India's efforts to clamp down on illegal mining have
handed a $15 billion lifeline to global iron ore giants, and
there could be more to come.  Steps taken by federal and state
authorities to clean up the mining and export of iron ore have
shut down output in two key producing states, slashing shipments
and forcing steel mills to import a raw material the country has
in abundance. (Reuters) 
    * A unit of Indian conglomerate Hinduja Group has hired
Deutsche Bank to consider options for a 49 percent
stake in a Saudi lubricants venture valued at up to $700
million, three sources said. (Reuters) 
    * The government has decided to keep the reserve price for
coal blocks at realistic levels as it prepares to allocate 22
coalfields next month to state-owned companies, a senior
government official said. (Economic Times)
    * With the Maldives government terminating the GMR Group's
contract to operate the Male airport, the company stands to lose
around 20 percent of revenues coming from its airport operation
business. (Financial Express)
    * Decks have been cleared for setting up of the National
Investment Board (NIB) to expedite projects entailing investment
of 10 billion rupees and above. To be given both monitoring and
approval powers, the body could, however, be called the Cabinet
Committee on Investment (CCI) if the Cabinet so prefers.
(Economic Times)    
    * DLF, the country's largest realty company, is
close to selling its international hotel chain, Aman Resorts, to
a US-based investment company for $325 million (18 billion
rupees). DLF is to offload its stake in the chain, retaining the
Aman property in Delhi only. (Business Standard)
NOTE: Reuters has not verified third-party stories and does not
vouch for their accuracy.
        OTHER FACTORS TO WATCH                                  
* Indian debt/FX factors to watch                   
* Yen off 1-week high, euro firm                         
* Brent rises towards $110                                
* Foreign institutional investor flows         
* For closing rates of Indian ADRs                      

 (Compiled by Dipika Lalwani; Edited by Subhadip Sircar)

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